Crypto Bulls: Bitcoin Crosses $104,200; Pi Coin Jumps 83% From Record Low; Why Cryptocurrencies Are Rallying?

Cryptocurrency market: The start of May has been strong for the cryptocurrency market so far. This week, riding on the back of bulls, the largest crypto, Bitcoin, crossed the $104,000 mark, while other digital coins like Ethereum, Solace, XRP, Dogecoin, and BNB recorded robust surges too. The new entrant PI Coin is once again trending, with hopes for a listing on Binance heightening. Also, PI Network is going to make a big announcement on May 14, which has made investors bullish.

Bitcoin Price:

At the time of writing, Bitcoin was up by 0.5% in trade at $103,190.95 on CoinMarketCap. However, the crypto rallied to hit an intraday high of $104,297.49. That being said, Bitcoin's market cap climbed by nearly 1% to $2.04 trillion, however, its volumes declined by 16% to $55.05 billion in the last 24 hours.

Nonetheless, Bitcoin zoomed by 7% in seven consecutive trading sessions. Bitcoin's counterparts have outperformed.

Bitcoin has surged past the $100,000 milestone, signalling robust bullish momentum. Ethereum also exhibits strength, trading above $2,000, with increased whale activity and a resurgence in DeFi activity contributing to its upward trajectory. Altcoins like GALA, OP and ENJ have outperformed, others, said, Himanshu Maradiya, Founder and Chairman, CIFDAQ.

Explaining the surge, Maradiya said, the current surge marks the second leg of the broader bullish rally, and the opportunity to buy Bitcoin below the $100,000 mark may now be behind us. With institutional interest accelerating across the board, this rally underscores the rapid maturation of the crypto market and its growing acceptance as a mainstream asset class.

Along the similar lines, Edul Patel, Co-founder and CEO of Mudrex said, Bitcoin has reclaimed the psychologically significant $100,000 mark for the first time since early February, posting a 39% gain from its recent lows. This upward move is largely attributed to renewed institutional interest, with over $5 billion flowing into Bitcoin Spot ETFs. These inflows not only provided fresh liquidity but also boosted investor confidence in Bitcoin's long-term trajectory.

"Whale activity has also intensified, accumulating over 81,000 BTC in the past six weeks, signalling strong conviction. Adding to the momentum, improving global trade relations forecast a strong economic outlook, attracting additional capital. On-chain activity supports this bullish trend, with the Bitcoin network processing $12.5 billion in transactions in a day, jumping 25% from the previous week's average," Patel added.

In 7-sessions, Ethereum skyrocketed by 27%, while XRP advanced by 7%, BNB jumped 10%, and Solana climbed by 15%. Elon Musk-backed Dogecoin also surged by nearly 17%. Coins like Cardano, TRON, SUI, Chainlink, Stellar, and Avalanche zoomed by 5% to 15%.

Giving an outlook ahead, Patel added, such high on-chain throughput suggests more money is moving through Bitcoin, consistent with new investors and capital flow. If this momentum sustains, Bitcoin is likely to establish a solid support zone at current levels, potentially setting the stage for a breakout towards its all-time high of $109,200.

PI Coin:

At the time of writing, Pi Coin was up by 8% to trade at $0.7318. This was near its day's high of $0.778. Pi Network's cryptocurrency recorded jump in both market valuation and volumes.

Pi Coin's volumes advanced sharply by 123% in the last 24 hours to trade at $364.91 million. Further, its market cap climbed by 8.5% to $5.17 billion.

Because of the latest strong rally, Pi Coin has jumped by nearly 83% from its all-time low of $0.4012 that was touched on April 5, 2025. Pi Coin is racing toward $1 mark. In seven sessions, PI Coin soared by nearly 24%.

Investors are riding the wave of big announcement that is likely to be take place on May 14. PI Network said, "A Pi ecosystem announcement will be released on May 14. Tune in to find out what's coming next!"

Further, expectations of PI Coin's entry on Binance has once again heightened.